Like every great leader, Betsson driving-force and CEO Pontus Lindwall warned the troops and investors about the so-so news ahead in a FY25 Trading Update–issued, tactically, on the eve of ICE Barcelona–and the bet seems to have paid-off with markets reacting favourably to flatline EBITDA but higher annual revenue.
iCasino–with more than 550 new games in 2025–continued to be the primary revenue driver across Betsson’s iGaming portfolio; for example representing a full 72 percent of Group Revenue in Q4, up three percent, year-on-year.
But fourth quarter EBITDA plunged 20 percent to €69.3 million (£60.17m), thanks in great part to “one” of Betsson’s Turkish B2B customers–as told to me by Lindwall in an exclusive phone call–having “lower revenue” in Q4, compared to 2024.
What is it about Turkey and iGaming business issues?
Viva LatAm
Nevertheless, fortified by a growing customer base of 1.4 million regular bettors, strong fiscal controls and nearly eight percent growth in Latin American operations, Lindwall was able to announce favourable debt re-financing, a €40 million (£34.69m) share buy-back programme and a 2025 dividend of €0.66-per-share.
Betsson reported 2025 Group Revenue of €1.197 billion (£1.03bn) — an increase of eight percent, y-o-y.
EBITDA for the period amounted to €313.7 million (£272.10m), down one percent on 2024, while operating income (EBIT), also down one point, reached €253.1 million (£219.54m).
Net income for the year totalled €182.4 million (£158.23m), corresponding to earnings-per-share of €1.29.
But Q4 Group Revenue, hampered by the aforementioned Turkish issue, was flat at €303.9 million (£263.67m), with EBITDA declining by 20 percent to €69.3 million (£60.12m).
Regulated Markets
Going good also had its costs.
“[Our] share of revenue from locally-regulated markets continued to increase and reached an all-time high of 68 percent, which consequently drove higher gaming taxes,” Betsson explained in its FY25 report.
“[And] we continued to invest in the product and technology organisation to strengthen the customer experience and our long-term competitiveness, which meant higher personnel costs.
“Higher gaming taxes and increased personnel costs had a negative impact on profitability and operating income during the quarter.”
Full-year casino revenue increased by nine percent to €867.5 million (£752.8m), while fourth-quarter casino revenue rose three percent to €219.8 million (£190.73m).
Sportsbook Down
But sportsbook performance was more mixed.
While FY sportsbook revenue increased by seven percent to €323.5 million (£280.7m), Q4 sportsbook revenue fell nine percent to €82.7 million (£71.75m).
Regionally, Western Europe and Latin America were highlighted as growth areas during the quarter, primarily driven by iCasino performance.
Italy recorded all-time high quarterly revenue, with growth in both iCasino and sportsbook. France also reported increased revenue. But Belgium saw year-on-year declines, as did Central and Eastern Europe and Central Asia.
But revenue In Latin America, supported by casino-led growth in Argentina, Colombia and Peru, increased 7.9 percent, compared to 2024.
World Cup Hopes
Concluded Lindwall: “Our strong financial position provides us with good conditions to invest in long-term, profitable growth and to deliver returns for our shareholders.
“Looking ahead, we are entering 2026 with a number of activities that provide good conditions for growth.
“We are also looking forward with great anticipation to the FIFA World Cup, where a record number of matches and participating nations will create exciting opportunities for betting and for attracting new customers.
“The investments made in recent years as well as our pipeline of projects for 2026 support our ambition to continue to generate long-term shareholder value.”
